court in Mauritius on Monday granted bail to former finance minister Renganaden Padayachy who was charged with embezzlement last week.
Padayachy was charged alongside former central bank governor Harvesh Seegolam. They are accused of embezzling about $6.7 million from the Mauritius Investment Corporation.
The fund was set up to help cushion companies from the effects of the Covid-19 pandemic. The two have denied wrongdoing.
Seegolam was the first to be released on bail last week.
At Padayachy’s bail hearing, the Financial Crimes Commission, the country’s anti-corruption said it did not object to the bail application.
The government of Prime Minister Navin Ramgoolam has accused the previous administration of Pravind Jugnauth – under which the two former officials served – of lying about economic growth, the budget deficit and public debt for years.
Jugnauth himself was arrested in February on money laundering charges. He was freed on bail after days.
Jugnauth was prime minister from 2017 until November last year when his Militant Socialist Movement suffered a crushing defeat in the general elections.
Following the polls, new Prime Minister Navin Ramgoolam announced a public finances audit.
